ISLAMABAD: Minister for Finance and Revenue Senator Muhammad Aurangzeb on Tuesday held a meeting with a delegation from Icoin Technology Inc. led by its Chairman and Chief Executive Officer Chet Silvestri.
During the meeting, the minister briefed the delegation on the Government of Pakistan’s ongoing efforts to develop a structured and responsible framework for digital assets, said a news release.
He also apprised the delegation of the progress made toward the establishment of a Pakistan Crypto Council and the Pakistan Virtual Assets Regulatory Authority (PVARA), outlining the rationale, sequencing of policy actions, and the broader implications of these initiatives for market development, financial inclusion, transparency, and consumer protection.
The minister highlighted Pakistan’s growing participation in global digital asset activity, as reflected in international analytics, and emphasized the government’s resolve to channel this activity into a well-regulated environment that safeguards users while encouraging innovation and investment.
Aurangzeb also underscored that regulation was essential to balance opportunity with risk, particularly in light of increasing volumes of digital asset usage by Pakistani citizens.
He noted that the evolving policy framework aims to provide clarity to market participants, align with international best practices, and ensure coordination among regulators, including the central bank, to enable orderly market development and institutional participation.
Chet Silvestri shared insights from the United States and Canadian markets, drawing on Icoin Technology’s experience of working with banks, exchanges, and large-scale consumer platforms.
He outlined how regulatory clarity in mature markets has enabled traditional financial institutions to engage with digital assets through existing infrastructure, rather than reinventing core banking systems.
He explained the role of wallet-based middleware and switching technologies that allow banks to connect securely with exchanges, manage liquidity, enhance compliance, and offer digital asset services to customers through familiar banking applications.
The delegation highlighted the transformational potential of blockchain technology and stablecoins in modernizing financial infrastructure by enabling faster, lower-cost, and more transparent transactions, while maintaining regulatory oversight.
Reference was made to recent legislative developments in the United States aimed at bringing coherence to digital asset regulation, particularly in relation to stablecoins and the integration of digital assets within the banking system.
The delegation emphasized that young and tech-savvy populations across markets are already engaging with digital assets and that regulated participation through banks helps retain activity within the formal financial system.
Discussions also covered Icoin Technology’s global engagements, including partnerships enabling large consumer bases to access digital asset services, and the company’s interest in exploring opportunities in Pakistan in collaboration with local partners.
The delegation sought guidance on appropriate regulatory pathways, licensing requirements, and engagement mechanisms with relevant authorities, including banks and regulators.
Aurangzeb advised that, given the evolving nature of the regulatory landscape, initial engagement with interested banks and relevant institutions would be a constructive next step, alongside continued dialogue with regulators, including the State Bank of Pakistan (SBP).
He reiterated that Pakistan is at an early but important stage in shaping its digital asset ecosystem and welcomed knowledge-sharing and responsible investment aligned with national priorities.
Both sides agreed to maintain engagement, explore areas of cooperation, and continue exchanges aimed at supporting Pakistan’s efforts to build a transparent, inclusive, and well-regulated digital asset market.
Icoin Technology Inc. is a blockchain infrastructure company focused on developing an advanced hardware wallet system for cryptocurrency. The delegation also included Lt. Gen. (R) Terry Robling, Advisor to Icoin Technology, Mahmood Azhar Jabbar, Chief Executive Officer of Techaccess, and Tariq Hafeez Malik, Chief Technology Officer of Techaccess.
